External issues rock stocks, gold prices reach 6-year high SET index off 1.8%, unrest hits HK bourse Violent protests send investors confidence into disarray, including the Stock Exchange of Thailand. (Reuters photo) The Stock Exchange of Thailand (SET) index on Tuesday slumped nearly 2% as political and financial turbulence on the external front sent investor confidence into disarray. Panic selling of equities was seen in bourses across Asia as investment appetite was riled by brewing tensions over the Sino-US trade row, Hong Kong’s protracted political unrest and a sharp fall in the Argentine peso prompted by Sunday’s primary election that saw a possible return of the country’s populist left-leaning government. Hong Kong’s Hang Seng index suffered the most, plummeting 2.1%, with Thailand’s benchmark in second at -1.8%. The SET index closed at 1,620.23, down 30.41 points from Friday’s close, in trade worth 64.2 billion baht. Foreign investors were net sellers of 3.4 billion baht, while institutional investors offloaded a net 838.8 million baht worth of shares. “The Hong Kong protest is one of the major factors affecting global bourses,” said Nuttachart Mekmasin, executive director of Trinity Securities. “The latest development in Argentina also poses a concern because investors are worried about how a [possible return] of populist policies could impact fiscal discipline. Effects from Argentina have spread to other emerging markets.” Vajiralux Sanglerdaillapachai, head of research at Asia Wealth Securities, said Thai stocks traded under pressure from various global factors, including US President Donald Trump’s threat to impose an additional… [Read full story]
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